1. (1)

   1. (a) Except as provided in Subsection (1)(b), a person may not transact the business of residential mortgage loans without first obtaining a license under this chapter.

   2. (b) A person may transact the business of residential mortgage loans without first obtaining a license under this chapter if the person:

      1. (i) is exempt from this chapter under Section 61-2c-105; or
      2. (ii) qualifies for temporary authority to act as a mortgage loan originator under Section 61-2c-201.2.

2. (2) For purposes of this chapter, a person transacts the business of residential mortgage loans in this state if:

   1. (a)

      1. (i) the person engages in an act that constitutes the business of residential mortgage loans;
      2. (ii) the act described in Subsection (2)(a)(i) is directed to or received in this state; and
      3. (iii) the real property that is the subject of the act described in Subsection (2)(a)(i) is located in this state; or
   2. (b) the person makes a representation that the person transacts the business of residential mortgage loans in this state.
3. (3) An individual who has an ownership interest in an entity required to be licensed under this chapter is not required to obtain an individual license under this chapter unless the individual transacts the business of residential mortgage loans.

4. (4) Unless otherwise exempted under this chapter, licensure under this chapter is required of both:

   1. (a) the individual who directly transacts the business of residential mortgage loans; and
   2. (b) if the individual transacts business as an employee or agent of an entity or individual, the entity or individual for whom the employee or agent transacts the business of residential mortgage loans.

5. (5)

   1. (a) If an entity that is licensed to transact the business of residential mortgage loans transacts the business of residential mortgage loans under an assumed business name, the entity shall in accordance with rules made by the division:

      1. (i) register the assumed name under this chapter; and
      2. (ii) furnish proof that the assumed business name is filed with the Division of Corporations and Commercial Code pursuant to Title 42, Chapter 2, Conducting Business Under Assumed Name.
   2. (b) The division may charge a fee established in accordance with Section 63J-1-504 for registering an assumed name as described in this Subsection (5).

Amended by Chapter 337, 2019 General Session